Global Wind Energy Foundation Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Wind Energy Foundation Market report has been segmented on the basis of the site location, foundation type, and region.

Wind Energy Foundation Market: Overview

“The Wind Energy Foundation Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

A wind energy foundation is responsible for supporting the structure against all static and dynamic load conditions.

In the case of an onshore wind energy project, the foundation is constructed on different types of terrains under challenging soil and environmental conditions.

Whereas, offshore wind turbines are installed in transitional water, shallow water, and deep water. The foundation designs vary according to the ground conditions, project, and rules and regulations.

Wind Energy Foundation Market: Dynamics

Shifting preference toward power generation from renewable sources such as wind and solar, increasing investments in renewable energy, demand for energy, and positive government support to save energy and improve energy efficiency are some of the key factors expected to drive the growth of the global wind energy foundation market.

Moreover, renewable energy auctions, lower operations, and maintenance (O&M) costs, and feed-in tariffs (FiTs) are also anticipated to boost the market towards growth.

In addition, environmental concerns, increasing investments in renewable energy sources, along with the aim to reduce the harmful effects of greenhouse gases are some factors driving the market growth over the forecast period.

A recent trend observed in the target market is the installation of clean and sustainable energy sources is increasing day by day.

In addition, rapid installation of the offshore wind farm, increasing height of wind towers, coupled with regulations pertaining to clean energy are expected to open new opportunities in the global wind energy foundation market.

According to Global Wind Energy Council (GWEC), at the end of 2017, approximately 84% (15,780MW) of all offshore installations were located in the waters off the coast of European countries including the UK, Germany, Denmark, Netherlands, Belgium, Sweden, Finland, Ireland, Spain, Norway, and France.

Whereas, climatic changes including wind speed and density of air flowing may restrain the growth of the target market.

Wind Energy Foundation Market: Segment Analysis:

Among the site location, the onshore segment is expected to hold a significant share in the market over the forecast period.

Among the foundation type, the mono-pile segment dominates the global market and is expected to witness significant growth over the forecast period.

Wind Energy Foundation Market: Regional Analysis:

The market in Europe dominates the global wind energy foundation market in terms of revenue, owing to the rising demand for clean energy.

In addition, favorable government initiatives and increasing awareness related to benefits associated with the use of renewable energy are some of the factors driving the market growth.

The market in the Asia Pacific is expected to register substantial growth in the global market over the forecast period, due to the availability of wind resources coupled with low prices as compared to other countries.

Moreover, the rise in the need for electricity generation and energy developments are propelling growth for wind energy foundations over the forecast period.

Wind Energy Foundation Market Segmentation:

Segmentation by Site location:

• Onshore
• Offshore

Segmentation by Foundation Type:

• Mono-Pile
• Jacket-Pile
• Others (Gravity Base Foundations, Tripod foundations, Suction Bucket, or Caisson Foundations)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa